ARK Investment Management LLC Cuts Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

ARK Investment Management LLC reduced its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 25.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,391,202 shares of the company's stock after selling 3,221,361 shares during the period. SoFi Technologies makes up approximately 1.2% of ARK Investment Management LLC's portfolio, making the stock its 27th largest position. ARK Investment Management LLC owned about 0.87% of SoFi Technologies worth $144,625,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in SoFi Technologies by 1.7% during the third quarter. State Street Corp now owns 18,062,855 shares of the company's stock worth $141,974,000 after purchasing an additional 310,532 shares in the last quarter. Geode Capital Management LLC raised its holdings in SoFi Technologies by 2.1% during the third quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company's stock worth $138,523,000 after purchasing an additional 358,806 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in SoFi Technologies by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company's stock worth $48,306,000 after purchasing an additional 87,097 shares in the last quarter. Azora Capital LP raised its holdings in SoFi Technologies by 8.8% during the third quarter. Azora Capital LP now owns 4,348,068 shares of the company's stock worth $34,176,000 after purchasing an additional 352,901 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in SoFi Technologies by 214.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company's stock worth $30,971,000 after purchasing an additional 2,688,847 shares in the last quarter. 38.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 64,991 shares of SoFi Technologies stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.72, for a total value of $1,021,658.52. Following the transaction, the chief technology officer now owns 586,494 shares in the company, valued at $9,219,685.68. This trade represents a 9.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the firm's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $16.06, for a total transaction of $28,242,361.18. Following the completion of the transaction, the director now directly owns 482,083 shares in the company, valued at approximately $7,742,252.98. This represents a 78.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,008,465 shares of company stock worth $416,952,167 in the last quarter. 2.60% of the stock is owned by insiders.

SoFi Technologies Stock Down 3.1 %

Shares of NASDAQ SOFI opened at $13.92 on Wednesday. SoFi Technologies, Inc. has a 1 year low of $6.01 and a 1 year high of $18.42. The firm's 50 day moving average price is $15.59 and its 200 day moving average price is $12.37. The firm has a market cap of $15.11 billion, a P/E ratio of 37.62, a price-to-earnings-growth ratio of 2.24 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its quarterly earnings results on Monday, January 27th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same period last year, the firm posted $0.04 EPS. As a group, sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on SOFI. Needham & Company LLC increased their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Bank of America reaffirmed an "underperform" rating and issued a $12.00 target price on shares of SoFi Technologies in a report on Monday, December 9th. Citigroup increased their target price on shares of SoFi Technologies from $12.50 to $18.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. UBS Group increased their target price on shares of SoFi Technologies from $10.50 to $14.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Finally, Barclays increased their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Four analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, SoFi Technologies presently has an average rating of "Hold" and an average target price of $12.50.

SoFi Technologies Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.

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